Keynes can't help us now. Governments cling to the delusion that a crisis of excess debt can be solved by creating more debt. Niall Ferguson February 6, 2009 It began as a subprime surprise, became a credit crunch and then a global financial crisis. At last week's World Economic Forum in Davos, Switzerland, Russia and China blamed America, everyone blamed the bankers, and the bankers blamed you and me.